DURHAM, N.C., Oct. 1 /PRNewswire/ — The financial services industry
continually wrestles with high turnover in its call centers — and this comes
at a huge cost. According to research from business intelligence firm Cutting
Edge Information, companies spend an average of $15,000 to add a new call
center agent to their staff. With turnover rates skyrocketing above 100% at
some firms, call center managers must take action on multiple levels to retain
top performers.
Some companies, such as MetLife, have standardized hiring processes at all
their call centers across the US, and they have seen marked improvements in
retention. Extensive screening and testing processes, defining clear career
paths, and improved training are other key tools managers can use to ensure
that new employees become long-term assets.

“Managing Financial Services Call Centers,” available at
http://www.cuttingedgeinfo.com/FS80_Call_Centers/ contains more than
200 metrics and features practices from top financial services companies, such
as Merrill Lynch, Fidelity Investments, Citigroup, Capital One, Allstate,
Wachovia and MetLife. The report highlights budget and staffing metrics as
well as strategies and tactics to enhance overall call center efficiency and
boost customer satisfaction.
“Call center managers struggle to hire reps that have the skills to
address customer concerns in the appropriate manner,” says Cutting Edge
Information senior analyst Elio Evangelista. “By studying the companies
profiled in the report, companies can learn how to drop turnover rates and
retain the high-quality agents that are desired.”
One profiled company has an implemented an extensive hiring process that
has increased agent retention. The process involves several stages that
include screening, phone interviews, testing applicant abilities, and
shadowing call center agents.
“Managing Financial Services Call Centers” showcases quantitative metrics
and qualitative practices in the following areas:

* Call center agents’ incentive and compensation packages
* Turnover, blocked calls, cost per rep and many other key performance
measurements
* Inbound and outbound call metrics for the financial services industry
* Up-selling and cross-selling strategies
* Offshore outsourcing
* Process efficiency and call center technology

To view the online summary of this 114-page report, visit
http://www.cuttingedgeinfo.com/FS80_Call_Centers/. For more information on
this report or to learn about other research being conducted by Cutting Edge
Information, contact Jan Blanchette at [email]jan_blanchette@cuttingedgeinfo.com[/email] or
919-433-0218.

Cutting Edge Information is your one-stop shop for real-company business
research. Our reports will help your team execute strategy, understand key
business issues, and support your ideas in meetings with key executives. Move
ahead of your competition with Information from the Cutting Edge. For more
information, call 919-403-6583 or visit http://www.CuttingEdgeInfo.com/